Who owns Rs 466 crore of unclaimed money in Jammu and Kashmir, RBI's shocking report
RBI Regional Director Chandrashekhar Azad said that Jammu district alone has 294,676 unclaimed accounts worth ₹107.27 crore. Overall, the union territory has 1,720,878 unclaimed accounts with outstanding balances of ₹465.79 crore.
While news of the death of nine people in the Nowgam blast in Jammu and Kashmir has emerged, another news is gaining widespread attention. More than 1.7 million bank accounts in Jammu and Kashmir have been found unclaimed.
This means that no owner has come forward to account for these accounts. Significantly, these unclaimed accounts contain approximately ₹466 crore. Following this report, the RBI has issued directives. Let us explain what kind of report has emerged regarding Jammu and Kashmir.
466 crore unclaimed money
Over 17.20 lakh unclaimed accounts with outstanding balances of ₹465.79 crore have been identified in Jammu and Kashmir. Following this, the Reserve Bank of India (RBI) has encouraged banks to proactively contact genuine claimants of these deposits to ensure timely refunds.
RBI Regional Director Chandrashekhar Azad stated that Jammu district alone has 294,676 unclaimed accounts worth ₹107.27 crore. Overall, the Union Territory has 17,20,878 unclaimed accounts with outstanding balances of ₹465.79 crore.
He urged banks to proactively contact and trace the depositors and genuine claimants of these unclaimed deposits to ensure timely settlement.
RBI launched the scheme
He further stated that the RBI has launched an incentive scheme called “Scheme for Facilitating Prompt Asset Settlement – Dormant Accounts and Unclaimed Deposits,” under which banks will be given a differential payment of 7.5% of the balance in dormant accounts or Rs 25,000, whichever is lower, for reactivating dormant accounts and settling unclaimed deposits from October 1 to September 30, 2026.
The Jammu and Kashmir Union Territory Level Bankers Committee (UTLBC) organized large settlement-cum-awareness camps simultaneously in Jammu and Srinagar to facilitate on-the-spot identification, verification, and disbursement of unclaimed financial assets lying with various banks, insurance companies, pension funds, mutual funds, and dividends across the Union Territory.